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Hardly the first! The concept has been around since at least the 1930s, and as a kid I remember seeing newsreels of flying cars (none of which ever became commercially viable) in the late 40's. This is surely more modern, and better engineered than those old models, but would you expect less after 70-odd years?
Just found this video and thought I'd share it. It's the first flying car!
Amazing! Should retail for around $200,000.